The defendant's appeal is dismissed.

1. The summary of the grounds for appeal (in fact-finding or misapprehension of legal principles) (hereinafter “Defendant Company”) filed a petition for bankruptcy against Indonesia Corporation L (L, hereinafter “L”) holding 40.48% of equity interest in Defendant E Co., Ltd. (hereinafter “Defendant Company”) does not constitute “important matters” under the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”). The actual operator of Defendant Company did not instruct the Defendant Company to not state the above petition for bankruptcy in the investment prospectus, and there was no intention or intention to omit the material contents in F and Defendant Company H, etc.

2. Determination on the grounds for appeal

A. In the event that the securities of this case are offered or sold, no description or representation of a material fact in the investment prospectus prepared shall be made with respect to the public offering or sale, or a description or representation of a material fact shall be made.

Defendant

While the actual operator of the company F, representative G, and director H concealed the fact that there was L's bankruptcy petition against L's holding 40.48% of the shares of the Defendant Company, they conspired to promote capital increase with capital increase for the Defendant Company.

F, G, and H decided to pay for capital increase at E offices located in Gangnam-gu Seoul Metropolitan Government around June 2013 and promoted to pay for capital increase on or around March 15, 2013. The facts are as follows: (a) L’s bankruptcy petition against L was filed by L’s creditor on or around March 15, 2013; (b) L’s creditor bank requested L’s payment of the guaranteed debt to the Defendant company around May 7, 2013 according to the above bankruptcy petition; (c) despite the fact that L’s creditor bank subrogated for about KRW 4 billion for L’s guaranteed debt, the Defendant company filed a revised investment prospectus for capital increase through the electronic disclosure system with the Financial Services Commission (report) around June 19, 2013.